Medical malpractice insurance is a type of professional liability insurance that covers health care professionals against claims of injury and medical negligence. In response to such incidents, you and your practice may face lawsuits and significant financial losses that could have far-reaching implications. Even the most experienced medical professionals must have medical malpractice insurance.
What Claims Are Covered By Medical Malpractice Insurance?
Although the details, capabilities and limitations of medical malpractice insurance may vary significantly, this coverage can generally be likened to a specialized form of errors and omissions insurance for those in the health care industry. In most cases, an adequate medical malpractice insurance policy can render financial aid in response to the following allegations:
- Accidents and errors—If a patient accuses you of causing them bodily harm, such as due to an error during treatment or adverse side effects, your coverage may be able to help.
- Improper services—If a lawsuit claims that you or your practice unintentionally skipped steps in a patient’s treatment or failed to follow proper protocols, your insurance can provide financial assistance.
- Inadequate care—Your coverage can insulate you from financial losses if a patient alleges you were negligent or otherwise provided services that failed to meet their expectations.
You must fully understand your policy when acquiring and maintaining your medical malpractice insurance. Although the details of coverage may vary, most policies can be classified as one of the following types:
- Claims-made policies—The coverage provided by this type of medical malpractice insurance is typically limited regarding when an incident must have occurred. Claims-made policies can only cover losses arising from claims if the incident occurred after your coverage’s retroactive date. Furthermore, accusations must be brought while coverage is still active. In other words, lawsuits filed years after your policy period or extended reporting period has expired will generally not be covered.
- Occurrence policies—Unlike claims-made malpractice insurance, occurrence malpractice policies can generally provide coverage for accusations of wrongdoing across a broader period. You can still receive financial assistance if an alleged incident occurred while your policy was active. So your losses may be covered even if accusations are brought after coverage has lapsed.
What Costs Does Medical Malpractice Insurance Cover?
While the details of your medical malpractice policy may vary, this coverage can generally render aid for the following:
- Legal representation
- Court fees
- Medical damages
- Arbitration expenses
- Compensatory damages
Get the Right Coverage
The agents at Paris-Kirwan Insurance have served the Rochester, Jericho, and New York City areas since 1926 and are ready to help you. We will work with you to assess your needs, explore your options and assemble an optimal medical malpractice insurance policy. Contact us today to get started
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.